NEW YORK--(BUSINESS WIRE)--CI&T (NYSE: CINT, “Company”), a global digital specialist, today announces its results for the first quarter of 2022 (1Q22) in accordance with International Financial Reporting Standards (IFRS). For comparison purposes, we refer to the results for the first quarter of 2021 (1Q21).
1Q22 Operating and Financial Highlights
- Net Revenue of R$491,9 million, an increase of 66.0% compared to 1Q21.
- Net Revenue growth in constant currency was 75.3%
- The number of clients with annual revenue above R$1 million in the last twelve months grew from 94 in 4Q21 to 110 in 1Q22.
- CI&T ended 1Q22 with 6,435 CI&Ters, a net addition of 2,674 employees (71% growth) compared to the end of 1Q21.
Cesar Gon, founder and CEO of CI&T, commented "We are excited to initiate 2022 with a strong net revenue growth in the first quarter, a post covid environment, which demonstrates the resilience and consistency of our engagements with our long-term clients. Digital transformation has been enabling companies to unlock their business potential, increasing sales and improving profitability metrics, and demand for our services remains strong in all industry verticals we operate.
We have been disciplined to onboard new clients every quarter to guarantee our sustainable growth and our hiring machine continues to operate at full speed. Based on our annual engagements for the year and the robust demand environment, we are increasing our net revenue guidance for 2022 and expect it to be at least R$2,300 million (USD442 million), a 59% growth compared to last year. Finally, we are maintaining our Adjusted EBITDA margin of at least 20% for the full year of 2022."
Comments on the 1Q22 financial performance
Net Revenue
Revenue (in BRL thousand) |
1Q22 |
1Q21 |
Var. 1Q22 x 1Q21 |
|
Net Revenue |
491,872 |
296,292 |
66.0 |
% |
In 1Q22, net revenue was R$491.9 million, an increase of 66.0% compared to 1Q21. The acquisition of Somo concluded on January 27, 2022 contributed to 10 percentage points of revenue growth in the quarter. Net revenue in constant currency grew 75.3% in the comparable period. The strong performance in the quarter reflects the expansion of our engagement with existing clients, the addition of 16 new logos with revenues above R$1.0 million in the last twelve months, combined with additional revenue from recent acquisitions.
CI&T decreased its top one clients' revenue share to 15% in 1Q22 from 24% in 1Q21 and reduced its top 10 clients' share to 51% from 73% in the same comparison period. In addition, CI&T increased its revenue exposure to Europe with the acquisition of Somo in the UK, diversifying further its geographic footprint. In terms of revenue by industry, the verticals that are growing faster are Technology, Media and Telecom (TMT) and Retail and Manufacturing, due to strong demand for our services from our clients in those industries, as well as the addition of new clients in those verticals.
Revenue Breakdown
Net Revenue by industry (in BRL thousand) |
1Q22 |
1Q21 |
Var. 1Q22 x 1Q21 |
|||||
Financial Services |
153,598 |
31.2 |
% |
98,821 |
33.4 |
% |
55.4 |
% |
Food and Beverages |
94,068 |
19.1 |
% |
84,056 |
28.4 |
% |
11.9 |
% |
Technology, Media and Telecom |
67,753 |
13.8 |
% |
32,349 |
10.9 |
% |
109.4 |
% |
Pharmaceuticals and Cosmetics |
63,422 |
12.9 |
% |
41,806 |
14.1 |
% |
51.7 |
% |
Retail and Manufacturing |
35,430 |
7.2 |
% |
15,978 |
5.4 |
% |
121.7 |
% |
Education and Services |
19,688 |
4.0 |
% |
12,191 |
4.1 |
% |
61.5 |
% |
Logistic and Transportation |
17,036 |
3.5 |
% |
5,232 |
1.8 |
% |
225.6 |
% |
Others |
40,877 |
8.3 |
% |
5,859 |
2.0 |
% |
597.7 |
% |
Total |
491,872 |
100 |
% |
296,292 |
100 |
% |
66.0 |
% |
Net Revenue by geographic (in BRL thousand) |
1Q22 |
1Q21 |
Var. 1Q22 x 1Q21 |
|||||
NAE (North America and Europe) |
241,529 |
49.1 |
% |
155,367 |
52.4 |
% |
55.5 |
% |
North America |
205,985 |
41.9 |
% |
153,038 |
51.7 |
% |
34.6 |
% |
Europe |
35,544 |
7.2 |
% |
2,329 |
0.8 |
% |
1426.1 |
% |
LATAM (Latin America) |
234,706 |
47.7 |
% |
129,432 |
43.7 |
% |
81.3 |
% |
APJ (Asia, Pacific and Japan) |
15,637 |
3.2 |
% |
11,493 |
3.9 |
% |
36.1 |
% |
Cost of Services Provided and Adjusted Gross Profit
Gross Profit (in BRL thousand) |
1Q22 |
1Q21 |
Var. 1Q22 x 1Q21 |
|||
Net Revenue |
491,872 |
|
296,292 |
|
66.0 |
% |
Cost of Services |
(328,992 |
) |
(188,372 |
) |
74.7 |
% |
Gross Profit |
162,880 |
|
107,920 |
|
50.9 |
% |
Adjustments |
|
|
|
|||
Depreciation and amortization (cost of services provided) |
9,318 |
|
6,225 |
|
49.7 |
% |
Stock Options |
1,182 |
|
52 |
|
2180.2 |
% |
Adjusted Gross Profit |
173,381 |
|
114,197 |
|
51.8 |
% |
Adjusted Gross Profit Margin |
35.2 |
% |
38.5 |
% |
-3.3p.p |
|
The cost of services provided in 1Q22 reached R$329.0 million, an increase of 74.7% compared to 1Q21, and the gross profit was R$162.9 million. Excluding costs with depreciation and amortization and the stock option plan, the adjusted gross profit in 1Q22 was R$173.4 million, 51.8% higher than 1Q21, with an adjusted gross profit margin of 35.2%, a reduction of 3.3 percentage points (p.p.) compared to 1Q21.
The decline in the gross profit margin is explained by (i) the impact of 1.9 p.p. in margin from foreign exchange rate variation in the period, (ii) M&A, as recent acquired companies have lower margins, and (iii) seasonal annual wage adjustments in the first quarter while contractual price readjustments occur throughout the year. It is worth mentioning that seasonality in 2020 and 2021 was affected by the pandemic, changing the typical patterns in our industry.
SG&A and Other Expenses
SG&A expenses (in BRL thousand) |
1Q22 |
1Q21 |
Var. 1Q22 x 1Q21 |
|||
Selling |
(35,129 |
) |
(18,979 |
) |
85.1 |
% |
General and administrative |
(64,921 |
) |
(25,726 |
) |
152.4 |
% |
SG&A expenses |
(100,050 |
) |
(44,705 |
) |
123.8 |
% |
Other income (expenses) net |
(515 |
) |
1,590 |
|
- |
|
Impairment loss on trade receivables and contract assets |
(1,066 |
) |
(3,258 |
) |
(67.3) |
% |
SG&A and other operating expenses |
(101,631 |
) |
(46,373 |
) |
119.2 |
% |
Selling, General and Administrative (SG&A) expenses grew 123.8% in 1Q22 compared to 1Q21, mainly explained by (i) an increase in expenses associated with the expansion of the hiring and attracting teams, aligned with our revenue and headcount growth; (ii) higher depreciation and amortization expenses due to the recognition of intangible assets related to acquisitions; and (iii) the strengthening of our back-office teams as a result of our IPO. Most of the SG&A are fixed expenses and are expected to be diluted throughout the next quarters, based on the projected revenue growth for 2022.
Adjusted EBITDA
Adjusted EBITDA (in BRL thousand) |
1Q22 |
1Q21 |
Var. 1Q22 x 1Q21 |
|||
Net profit for the period |
29,223 |
|
39,615 |
|
-26.2 |
% |
Adjustments |
|
|
|
|||
Net financial cost |
16,712 |
|
1,697 |
|
884.8 |
% |
Income tax expense |
15,314 |
|
20,235 |
|
-24.3 |
% |
Depreciation and amortization |
19,390 |
|
7,795 |
|
148.7 |
% |
Stock options |
1,239 |
|
173 |
|
617.3 |
% |
Consulting expenses |
2,695 |
|
225 |
|
1098.3 |
% |
Government grants |
(58 |
) |
(1,405 |
) |
-95.9 |
% |
Write-off (1) |
1,548 |
|
- |
|
- |
|
Adjusted EBITDA |
86,062 |
|
68,335 |
|
25.9 |
% |
Adjusted EBITDA Margin |
17.5 |
% |
23.1 |
% |
-5.6p.p |
|
(1) Non-cash expenses related to the inventory of property, plant, and equipment of the recently acquired Dextra. |
||||||
In 1Q22, Adjusted EBITDA was R$86.1 million, an increase of 25.9% compared to 1Q21. Adjusted EBITDA margin was 17.5% in the quarter, a reduction of 5.6 percentage points compared to 1Q21, due to the increase in cost of services provided and SG&A expenses, as explained above.
Net Financial Expenses - Net financial expenses was R$16.7 million in 1Q22, compared to R$1.7 million in 1Q21, mainly due to the new debt raised in July 2021 to finance the Dextra acquisition in the amount of R$650 million.
Depreciation and Amortization - Depreciation and amortization expenses totaled R$19.4 million in 1Q22, an increase of R$11.6 million compared to 1Q21, mainly due to the amortization of R$7.6 million from intangible assets related to the acquisition of Dextra in the quarter.
Income tax expense - In 1Q22, income tax expense was R$15.3 million, 24.3% lower than 1Q21, due to the corporate reorganization conducted by the Company in the end of 2021, in connection with our IPO. In addition, the Company recognized R$595.7 million in goodwill from the acquisition of Dextra, which is expected to be deductible for tax purposes from January 2022.
Net Profit and Adjusted Net Profit
Net Profit (in BRL thousand) |
1Q22 |
1Q21 |
Var. 1Q22 x 1Q21 |
|||
Net profit for the period |
29,223 |
|
39,615 |
|
-26.2 |
% |
Adjustments |
|
|
|
|||
Consulting expenses |
2,695 |
|
225 |
|
1098.3 |
% |
Write-off (1) |
1,548 |
|
- |
|
- |
|
Adjusted Net Profit |
33,465 |
|
39,840 |
|
-16.0 |
% |
Adjusted Net Profit Margin |
6.8 |
% |
13.4 |
% |
-6.6p.p |
|
(1) Non-cash expenses related to the inventory of property, plant, and equipment of the recently acquired Dextra. |
||||||
In 1Q22, adjusted net profit was R$33.5 million, 16.0% lower than 1Q21, and adjusted net profit margin reduced to 6.8% in 1Q22 from 13.4% in 1Q21, mainly due to higher depreciation and amortization and financial expenses, partially compensated by lower income tax expense, as explained above.
Business Outlook
We expect our net revenue in the second quarter of 2022 to be at least R$530 million, a 68% growth compared to our net revenue of R$315 million in the second quarter of 2021.
For the full year of 2022, we are raising our outlook and expect our net revenue to be at least R$2,300 million or USD442 million, a 59% growth compared to our net revenue of R$1,444 million in 2021. In addition, we estimate our adjusted EBITDA margin to be at least 20% for the full year of 2022. This guidance for 2022 assumes an average exchange rate of 5.20 Brazilian Reais to the U.S. dollar for the full year.
These expectations are forward-looking statements and actual results may differ materially. See "Cautionary Statement on Forward-Looking Statements" below.
Conference Call Information
Cesar Gon, Bruno Guicardi, Stanley Rodrigues and Eduardo Galvão will host a video conference call to discuss the 1Q22 financial and operating results on May 19 at 8:00 a.m. Eastern Time / 9:00 a.m. BRT. The earnings call can be accessed at the Company’s Investor Relations website at https://investors.ciandt.com or at the following link:
https://www.youtube.com/watch?v=DeN0-tBzG8s.
About CI&T
CI&T is a global digital specialist, a partner in end-to-end digital transformation for 100+ Large Enterprises & Fast Growth Clients. As digital natives, we bring a 27-year track record of accelerating business impact through complete and scalable digital solutions. With a global presence in 9 countries with a nearshore delivery model, CI&T is the Employer of Choice for more than 6,400 professionals in strategy, data science, design, and engineering, unlocking top-line growth, improving customer experience, and driving operational efficiency.
Basis of accounting and functional currency
CI&T maintains its books and records in Brazilian reais, the presentation currency for its unaudited condensed consolidated interim financial information and the functional currency of our operations in Brazil. CI&T prepares its unaudited condensed consolidated interim financial information in accordance with IFRS, as issued by the IASB, and International Financial Reporting Standard No 34—Interim Financial Reporting (“IAS 34”).
Non-IFRS Financial Measures
We regularly monitor certain financial and operating metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions. These non-IFRS financial measures include Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Profit, Adjusted Net Profit Margin, Net Revenue at Constant Currency and Net Revenue Increase at Constant Currency, and should be considered in addition to results prepared in accordance with IFRS, but not as substitutes for IFRS results. In addition, our calculation of these non-IFRS financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. These non-IFRS financial measures are provided as additional information to enhance investors’ overall understanding of the historical and current financial performance of our operations.
CI&T is not providing a quantitative reconciliation of forward-looking Non-IFRS Adjusted EBITDA to the most directly comparable IFRS measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, stock-based compensation expense, acquisition-related charges, the tax effect of non-IFRS adjustments and other items. These items are uncertain, depend on various factors, and could have a material impact on IFRS reported results for the guidance period.
In calculating Adjusted Gross Profit, we exclude cost components that are not related to the direct management of our services. For the periods herein, the adjustments applied were: (i) depreciation and amortization related to costs of services provided; and (ii) stock options compensation plan expenses.
In calculating Adjusted EBITDA, we exclude components that are not related to the direct management of our services. For the periods herein, the adjustments were: (i) consulting expenses related to corporate reorganization and initial public offering expenses, as well as mergers and acquisitions activity; (ii) government grants related to tax reimbursement in the Chinese subsidiary; (iii) stock options compensation plan expenses; and (iv) non-cash expenses related to the inventory of property, plant, and equipment of the recently acquired Dextra.
In calculating Adjusted Net Profit, we exclude cost components that are not related to the direct management of our services. For the periods herein, the adjustments applied were: (i) consulting expenses related to corporate reorganization and initial public offering expenses, as well as mergers and acquisitions activity, and (ii) non-cash expenses related to the inventory of property, plant, and equipment of the recently acquired Dextra.
We calculate Net Revenue at Constant Currency and Net Revenue Increase at Constant Currency by translating Net revenue from entities reporting in foreign currencies into Brazilian reais using the comparable foreign currency exchange rates from the prior period.
Cautionary Statement on Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, which include but are not limited to: the statements under "Business outlook," including expectations relating to revenues and other financial or business metrics; statements regarding relationships with clients; and any other statements of expectation or belief. The words “believe,” “will,” “may,” “may have,” “would,” “estimate,” “continues,” “anticipates,” “intends,” “plans,” “expects,” “budget,” "scheduled,” “forecasts” and similar words are intended to identify estimates and forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements represent our management's beliefs and assumptions only as of the date of this press release. You should read this press release with the understanding that our actual future results may be materially different from what we expect. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from results expressed or implied in this press release. Such risk factors include, but are not limited to, those related to: the current and future impact of the COVID-19 pandemic, the ongoing war in Ukraine and economic sanctions imposed by Western economies over Russia on our business and industry; the effects of competition on our business; uncertainty regarding the demand for and market utilization of our services; the ability to maintain or acquire new client relationships; general business and economic conditions; our ability to successfully integrate Dextra and Somo; and our ability to successfully execute our growth strategy and strategic plans. Additional information concerning these and other risks and uncertainties are contained in the "Risk Factors" section of CI&T's annual report on Form 20-F. Additional information will be made available in our annual reports on Form 20-F, and other filings and reports that CI&T may file from time to time with the SEC. Except as required by law, CI&T assumes no obligation and does not intend to update these forward-looking statements or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Unaudited condensed consolidated statement of profit or loss
(In thousands of Brazilian Reais)
|
Three months ended March 31, |
||||
|
2022 |
|
2021 |
||
|
|
||||
Net Revenue |
491,872 |
|
|
296,292 |
|
Costs of services provided |
(328,992 |
) |
|
(188,372 |
) |
Gross Profit |
162,880 |
|
|
107,920 |
|
|
|
|
|
||
Selling expenses |
(35,129 |
) |
|
(18,979 |
) |
General and administrative expenses |
(64,921 |
) |
|
(25,726 |
) |
Research and technological innovation expenses |
- |
|
|
(4 |
) |
Impairment loss on trade receivables and contract assets |
(1,066 |
) |
|
(3,258 |
) |
Other income (expenses) net |
(515 |
) |
|
1,594 |
|
|
|
|
|
||
Operating profit before financial income and tax |
61,249 |
|
|
61,547 |
|
|
|
|
|
||
Finance income |
69,582 |
|
|
9,049 |
|
Finance cost |
(86,294 |
) |
|
(10,746 |
) |
Net finance costs |
(16,712 |
) |
|
(1,697 |
) |
|
|
|
|
||
Profit before Income tax |
44,537 |
|
|
59,850 |
|
Income tax expense |
(15,314 |
) |
|
(20,235 |
) |
Current |
(5,408 |
) |
|
(13,518 |
) |
Deferred |
(9,906 |
) |
|
(6,717 |
) |
Net profit for the period |
29,223 |
|
|
39,615 |
|
|
|
|
|
||
Earnings per share |
|
|
|
||
Earnings per share – basic (in R$) |
0.22 |
|
|
0.33 |
|
Earnings per share – diluted (in R$) |
0.22 |
|
|
0.32 |
|
Unaudited condensed consolidated statements of financial position
(In thousands of Brazilian Reais)
Assets |
March 31,
|
|
December 31,
|
|
Liabilities and equity |
March 31,
|
|
December 31,
|
||||
|
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
131,827 |
|
135,727 |
|
Suppliers and other payables |
23,672 |
|
33,566 |
||||
Financial Investments |
405,602 |
|
|
798,786 |
|
|
Loans and borrowings |
168,547 |
|
|
164,403 |
|
Trade receivables |
310,380 |
|
|
340,519 |
|
|
Lease liabilities |
25,998 |
|
|
21,214 |
|
Contract assets |
212,976 |
|
|
134,388 |
|
|
Salaries and welfare charges |
253,299 |
|
|
234,173 |
|
Recoverable taxes |
10,532 |
|
|
7,785 |
|
|
Accounts payable for business combination |
109,555 |
|
|
48,923 |
|
Tax assets |
6,245 |
|
|
2,810 |
|
|
Derivatives |
35,724 |
|
|
535 |
|
Derivatives |
5,230 |
|
|
896 |
|
|
Tax liabilities |
361 |
|
|
13,345 |
|
Other assets |
36,234 |
|
|
29,994 |
|
|
Other taxes payable |
8,170 |
|
|
5,423 |
|
Total current assets |
1,119,026 |
|
|
1,450,905 |
|
|
Contract liability |
11,143 |
|
|
13,722 |
|
|
|
|
|
|
Other liabilities |
17,670 |
|
|
13,669 |
|
||
Recoverable taxes |
3,587 |
|
|
3,046 |
|
|
Total current liabilities |
654,139 |
|
|
548,973 |
|
Deferred tax |
27,110 |
|
|
31,989 |
|
|
|
|
|
|
||
Judicial deposits |
6,101 |
|
|
3,079 |
|
|
Loans and borrowings |
579,429 |
|
|
624,306 |
|
Escrow account |
19,938 |
|
|
- |
|
|
Lease liabilities |
56,506 |
|
|
60,674 |
|
Other assets |
2,509 |
|
|
2,974 |
|
|
Provisions |
1,189 |
|
|
633 |
|
Property, plant and equipment |
59,381 |
|
|
57,721 |
|
|
Accounts payable for business combination |
59,508 |
|
|
36,803 |
|
Intangible assets |
1,050,008 |
|
|
738,803 |
|
|
Other liabilities |
2,364 |
|
|
1,660 |
|
Right-of-use assets |
74,204 |
|
|
73,827 |
|
|
Total non-current liabilities |
698,996 |
|
|
724,076 |
|
Total non-current assets |
1,242,838 |
|
|
911,439 |
|
|
|
|
|
|
||
|
|
|
|
|
Equity |
|
|
|
||||
|
|
|
|
|
Share capital |
37 |
|
|
36 |
|
||
|
|
|
|
|
Share premim |
929,984 |
|
|
915,947 |
|
||
|
|
|
|
|
Capital reserves |
15,377 |
|
|
10,105 |
|
||
|
|
|
|
|
Profit reserves |
155,180 |
|
|
125,957 |
|
||
|
|
|
|
|
Other comprehensive income |
(91,849 |
) |
|
37,250 |
|
||
|
|
|
|
|
Total equity |
1,008,729 |
|
|
1,089,295 |
|
||
|
|
|
|
|
|
|
|
|
||||
Total assets |
2,361,864 |
|
|
2,362,344 |
|
|
Total equity and liabilities |
2,361,864 |
|
|
2,362,344 |
|
Unaudited condensed consolidated statement of cash flow
(In thousands of Brazilian Reais)
|
March 31, 2022 |
|
March 31, 2021 |
||
|
|
|
|
||
Net profit for the year |
29,223 |
|
|
39,615 |
|
Adjustments for: |
|
|
|
||
Depreciation and amortization |
19,390 |
|
|
7,795 |
|
Gain/loss on the sale of property, plant and equipment and intangible assets |
1,926 |
|
|
81 |
|
Interest, monetary variation and exchange variation |
4,488 |
|
|
1,460 |
|
Exchange rate changes and monetary adjustments on accounts payable for business combinations |
(11,628 |
) |
|
- |
|
Exchange variation on escrow account related to Somo acquisition |
3,123 |
|
|
- |
|
Interest on lease |
2,146 |
|
|
1,376 |
|
Unrealized gain on financial instruments |
(4,487 |
) |
|
7,751 |
|
Income tax expenses |
15,314 |
|
|
20,807 |
|
Impairment losses on trade receivables |
(1,194 |
) |
|
60 |
|
Provision for (reversal of) impairment losses on contract assets |
1,064 |
|
|
3,198 |
|
Provision for labor risks |
571 |
|
|
2 |
|
Provision for indemnity |
- |
|
|
(629 |
) |
Share-based plan |
1,239 |
|
|
172 |
|
Others |
- |
|
|
(1 |
) |
Variation in operating assets and liabilities |
|
|
|
||
Trade receivables |
21,293 |
|
|
53,734 |
|
Contract assets |
(78,979 |
) |
|
(106,818 |
) |
Recoverable taxes |
(3,330 |
) |
|
(1,078 |
) |
Tax assets |
(15,242 |
) |
|
(7,310 |
) |
Judicial deposits |
(3,022 |
) |
|
- |
|
Suppliers and other payables |
(31,279 |
) |
|
3,693 |
|
Salaries and welfare charges |
15,553 |
|
|
7,413 |
|
Tax liabilities |
(901 |
) |
|
(1,431 |
) |
Other taxes payable |
(682 |
) |
|
849 |
|
Contract liabilities |
(2,021 |
) |
|
(1,644 |
) |
Other receivables and payables, net |
(9,529 |
) |
|
(4,159 |
) |
Cash generated from operating activities |
(46,964 |
) |
|
24,936 |
|
Income tax paid |
(4,818 |
) |
|
(15,394 |
) |
Interest paid on loans and borrowings |
(19,458 |
) |
|
(1,412 |
) |
Interest paid on lease |
(1,479 |
) |
|
(1,311 |
) |
Net cash from operating activities |
(72,719 |
) |
|
6,819 |
|
Cash flows from investment activities: |
|
|
|
||
Acquisition of property, plant and equipment and intangible assets |
(8,295 |
) |
|
(9,607 |
) |
Acquisition of subsidiary net of cash acquired |
(242,076 |
) |
|
- |
|
Escrow deposit (acquisition of Somo) |
(23,061 |
) |
|
- |
|
Hedge accounting realization |
16,134 |
|
|
- |
|
Redemption of financial investments |
350,128 |
|
|
- |
|
Net cash used in investment activities |
92,830 |
|
|
(9,607 |
) |
Cash flow from financing activities: |
|
|
|
||
Exercised stock options |
5,128 |
|
|
- |
|
Payment of lease liabilities |
(6,084 |
) |
|
(3,647 |
) |
Proceeds from loans and borrowings |
- |
|
|
22,382 |
|
Payment of loans and borrowings |
(38,506 |
) |
|
(38,675 |
) |
Settlement of derivatives |
(381 |
) |
|
- |
|
Net cash from financing activities |
(39,843 |
) |
|
(19,940 |
) |
Net increase (decrease) in cash and cash equivalents |
(19,732 |
) |
|
(22,728 |
) |
Cash and cash equivalents as of January 1st |
135,727 |
|
|
162,827 |
|
Exchange variation effect on cash and cash equivalents |
15,832 |
|
|
(7,426 |
) |
Cash and cash equivalents as of March 2022 and 2021 |
131,827 |
|
|
132,673 |
|
Net Revenue at Constant Currency |
March 31, 2022 |
|
March 31, 2021 |
||
Net Revenue at Constant Currency |
514,944 |
|
293,747 |
||
